Cryptocurrency service providers will soon be required to hold a license issued by the Dutch Central Bank in the Netherlands.

In the Netherlands, cryptocurrency service providers will soon be required to obtain a license issued by the Dutch central bank

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Cryptocurrency service providers will soon be required to obtain a license from the central bank of the Netherlands, major Dutch news outlet DeTelegraaf reports Dec. 11.

The article explains that the measure has been undertaken hoping that it will “prevent such cryptocurrencies being used to launder money obtained through crime or to fund terrorism.”

To qualify for a license, providers will reportedly need to know who their customers are and report unusual transactions. All of this data will be monitored by De Nederlandsche Bank, the Dutch central bank.

In August, an executive at the Dutch central bank stated that cryptocurrencies aren’t recognized as “real money,” but that the bank has no plans to ban them. Also in August, an advisor of the central bank claimed that Bitcoin’s (BTC) price changes coincide with Google searches for the cryptocurrency.

As Cointelegraph reported in October, the Port of Rotterdam has partnered with both a major Dutch bank and Samsung to test blockchain use for shipping in Europe’s largest port. Also in Holland, the country’s largest supermarket chain, Albert Heijn, revealed in September that it is using blockchain to make the production of its orange juice more transparent.